Mortgage Brain notes continued upward trajectory in ESIS
The volume of European Standardised Information Sheets (ESIS) being generated reached its second highest monthly volume in August, according to Mortgage Brain.
While the total monthly volume was down by 5.8% on July, the levels remain above those recorded earlier this year before COVID-19 hit.
Moreover, ESIS volumes were recorded at 6.1% above pre-pandemic levels. August also saw the ESIS generated per working day reach the highest level since February.
The data shows that product numbers in August stabilised at around 8,500.
Residential purchase ESIS have represented a higher proportion of the overall number generated than pre-pandemic levels for 14 weeks in a row.
Looking to the buy-to-let (BTL) sector, purchase ESIS represented 40.6% of the market, 12% higher than before the pandemic.
Mark Lofthouse, chief executive of Mortgage Brain, said: “The summer months are traditionally a quieter time for the mortgage market, but that isn’t the case this year.
“The volumes of ESIS being generated show that brokers are enjoying a healthy workload, with demand still strong from homebuyers who put their moves on hold as a result of COVID-19.”
“This growth in demand is not being matched by the product numbers however, which appear to have stabilised at around 8,500.
“Understandably lenders are taking a cautious approach towards their product propositions now, but this does mean that brokers and their clients are having to get by with limited choice compared to the broader range of products they could access at the start of the year.”